The New Reverse Mortgage Formula: How to Convert Home Equity into Tax–Free Income

Live on your equity—without selling or refinancing your home!
Many seniors have trouble making ends meet after retirement. Often their homes are their most valuable assets, but they can′t access the equity they′ve accrued unless they sell. If you find yourself in this position, you might face the dilemma of having to sell your home. Thankfully, the reverse mortgage offers seniors the option of remaining in their homes with no mortgage payments.
Reverse mortgages permit seniors to convert part of their home equity into tax–free income—even if they′re still paying on the mortgage. Designed specifically for seniors, these specialized loans let you tap into your equity and use the money for any purpose. Safe and legal, these loans can never cost more than the value of the home, and the loan doesn′t have to be repaid until you, or an heir, sell the home.
This straightforward, simple guide helps seniors and their loved ones understand every aspect of the reverse mortgage, including:Tax ramifications of reverse mortgagesFees and costs associated with reverse mortgagesGreat things you can do with your reverse mortgage payoutCalculating a reverse mortgage based on the owner′s age, and the home′s location and valueHow to structure your payout as a lump sum, monthly payments, or creditHow much you can borrow and at what rate
"As our population ages, it is critical that senior citizens are made aware of the various options available to them that will enable them to lead more fulfilling, comfortable lives. In this book, Tom Kelly clearly and concisely explains the inner workings of reverse mortgages—a viable financial option for senior homeowners."
—Sarah Hulbert, National Director, Reverse Mortgage of America
"Tom Kelly breaks down a misunderstood, complex topic into a very readable, valuable work for seniors and adult children. This book not only provides one of the key tools to aging in place, but it also clearly and accurately explains the next big financial vehicle in the United States."
—Dr. Richard Garrigan, author and Emeritus Professor of Finance, DePaul University

Spis treści:
About the Author.
Acknowledgments.
Preface.
Introduction.
Chapter 1. Who Are Those Guys?
The Scope of the Reverse Mortgage Market.
Chapter 2. How Much Can I Borrow....and What Will it Cost?
Reverse Mortgage Amounts Tied to Age, Location, Home Value.
Chapter 3. What′s on the Menu?
Picking the Right Reverse Mortgage Program.
Chapter 4. The Many Uses of Reverse Mortgage Funds.
Solving the Needs and Wants of Real People in Real Situations.
Chapter 5. Paving the Main Reverse Road.
HUD Has Provided Terrific Testing Grounds.
Chapter 6. Taking an Alternative Route.
Homeowners Who Can′t....or Simply Don′t Want To.
Chapter 7. Aging in Place and Funding Health Care.
The Prime Target for Reverse Mortgage Money.
Chapter 8. Reverse Mortgage Cash for Modification.
The Changes That Will Allow All Ages to Stay at Home.
Chapter 9. Early Black Eyes: Scanning the History of the Reverse.
Like ARMs, Industry Took its Lumps.
Epilogue: Going Forward in Reverse.
Recommended Readings.
Appendix A: Sample Amortization Schedules and Constant Maturity Indexes.
Appendix B: Reverse Mortgage Lenders, Helpful Forms, and Resources.
Index.

Nota biograficzna:
TOM KELLY is a former real estate editor for the Seattle Times. He currently writes a nationally syndicated column and hosts a nationally syndicated radio program. He is recognized by the National Reverse Mortgage Lenders Association as a leader in explaining and detailing reverse mortgage products to consumers. With The New Reverse Mortgage Formula, he provides an innovative, commonsense guide for unlocking critical cash for seniors, creating a financia l strategy for baby boomers, or building a pool of funds to pay for future healthcare.

Okładka tylna:
Live on your equity—without selling or refinancing your home!
Many seniors have trouble making ends meet after retirement. Often their homes are their most valuable assets, but they can′t access the equity they′ve accrued unless they sell. If you find yourself in this position, you might face the dilemma of having to sell your home. Thankfully, the reverse mortgage offers seniors the option of remaining in their homes with no mortgage payments.
Reverse mortgages permit seniors to convert part of their home equity into tax–free income—even if they′re still paying on the mortgage. Designed specifically for seniors, these specialized loans let you tap into your equity and use the money for any purpose. Safe and legal, these loans can never cost more than the value of the home, and the loan doesn′t have to be repaid until you, or an heir, sell the home.
This straightforward, simple guide helps seniors and their loved ones understand every aspect of the reverse mortgage, including:Tax ramifications of reverse mortgagesFees and costs associated with reverse mortgagesGreat things you can do with your reverse mortgage payoutCalculating a reverse mortgage based on the owner′s age, and the home′s location and valueHow to structure your payout as a lump sum, monthly payments, or creditHow much you can borrow and at what rate
"As our population ages, it is critical that senior citizens are made aware of the various options available to them that will enable them to lead more fulfilling, comfortable lives. In this book, Tom Kelly clearly and concisely explains the inner workings of reverse mortgages—a viable financial option for senior homeowners."
—Sarah Hulbert, National Director, Reverse Mortgage of America
"To m Kelly breaks down a misunderstood, complex topic into a very readable, valuable work for seniors and adult children. This book not only provides one of the key tools to aging in place, but it also clearly and accurately explains the next big financial vehicle in the United States."
—Dr. Richard Garrigan, author and Emeritus Professor of Finance, DePaul University